REPORT 3. QUARTER 2005

The Group operating result (EBIT) was negative
with NOK 5.1 million for the quarter (22.7
million same period last year). Associated
companies were consolidated with a total
positive result after tax for the quarter of
231.8 million (111.3 million).
Net financial items were positive with 91.0
million in the quarter (negative 3.2 million)
and result after taxes was positive with 308.1
million (135.6 million).
Attachment on www.newsweb.noThe third quarter accounts have been prepared in
accordance with the International Financial
Reporting Standard (IFRS) for interim reports
and comply with the accounting principles which
will be applied to the annual accounts. The
year 2005 is the first year with accounts
prepared according to the IFRS. As the IFRS is
continually being developed, the present
information may be altered before the final
accounts for 2005 are presented.

The figures are expressed in NOK unless
otherwise stated. The figures for the third
quarter 2004, revised according to the IFRS, are
given in parenthesis.

The Group operating result (EBIT) was negative
with 5.1 million for the quarter and negative
with 15.8 million for the first nine months of
the year. As reported earlier, all important
companies and investments were consolidated as
associated companies as from 1 January 2005, so
that the parent companies now appear purely as
holding companies.

Associated companies were consolidated with a
total positive result after tax for the quarter
of 231.8 million (111.3 million). First Olsen
Ltd (FOL) contributed 28.3 million (40.8
million), Fred. Olsen Energy (FOE) 32.6 million
(2.4 million) and the cruise segment 28.7
million (30.0 million). Ganger Rolf was
consolidated with a result of 102.4 million
(46.9 million). Fred. Olsen Renewables had a
negative result of 2.3 million (negative 18.4
million).

For the first nine months of the year, the
associated companies were consolidated with a
total result of 269.6 million (465.5 million).

The Sterling aviation company is recorded as
`discontinued operations` and consequently is
not included in the line `associated
companies`. The figures for 2004 have been
revised accordingly.

Net financial items for the quarter were
positive with 91.0 million (negative 3.2
million) and include 87.3 million in connection
with the valuation of financial assets, mainly
related to a continued positive value
development of an investment in a convertible
debenture loan issued by FOE.

Net financial items as per the third quarter
amounted to 274.6 million (negative 11.9
million), of which 253.5 million was related to
the value development of the investment in FOE`s
convertible debenture loan.

The consolidated result before tax in the
quarter for continued operations was 317.6
million (130.9 million), an increase of 186.7
million from the corresponding quarter in 2004.
As per the third quarter the result before tax
for continued operations amounted to 528.4
million (465.5 million).

The Group result after tax was 308.1 million in
the quarter and 589.0 million as per 30
September.

On 14 October the company held an extraordinary
general meeting which approved the payment of an
extraordinary dividend of NOK 5.00 per share as
proposed by the board. Consequently in 2005,
the company has paid an ordinary dividend of NOK
5.00 per share and extraordinary dividends of
NOK 10.00 per share, in aggregate NOK 15.00.

Attachment on www.newsweb.no